Kirby Correlations

KEX Stock

USD 115.99 1.03 0.88%

The current 90-days correlation between Kirby and Matson Inc is 0.57 (i.e., Very weak diversification). The correlation of Kirby is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Kirby Correlation With Market

Poor diversification

The correlation between Kirby and DJI is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Kirby and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Kirby Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Kirby. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in income.

For more information on how to buy Kirby Stock please use our How to Invest in Kirby guide.

Moving together with Kirby Stock

0.86	SB	Safe Bulkers Earnings Call This Week	Pair Corr
0.74	SB-PC	Safe Bulkers	Pair Corr
0.67	SB-PD	Safe Bulkers	Pair Corr
0.9	EHLD	Euroholdings Symbol Change	Pair Corr
0.92	ESEA	Euroseas	Pair Corr
0.69	ASC	Ardmore Shpng Earnings Call This Week	Pair Corr
0.92	DAC	Danaos	Pair Corr
0.64	DSX	Diana Shipping Earnings Call This Week	Pair Corr
0.65	GNK	Genco Shipping Trading	Pair Corr
0.95	GSL	Global Ship Lease Earnings Call This Week	Pair Corr
0.82	NAT	Nordic American Tankers	Pair Corr
0.83	NMM	Navios Maritime Partners	Pair Corr
0.88	SFL	SFL Corporation	Pair Corr
0.83	GASS	StealthGas	Pair Corr
0.66	ZIM	ZIM Integrated Shipping	Pair Corr
0.85	HAFN	Hafnia Limited	Pair Corr
0.86	HSHP	Himalaya Shipping Symbol Change	Pair Corr
0.75	CMRE-PC	Costamare Earnings Call This Week	Pair Corr
0.79	DSX-PB	Diana Shipping Earnings Call This Week	Pair Corr
0.67	GSL-PB	Global Ship Lease	Pair Corr
0.87	PANL	Pangaea Logistic Potential Growth	Pair Corr
0.81	PSHG	Performance Shipping	Pair Corr
0.92	SBLK	Star Bulk Carriers	Pair Corr

Moving against Kirby Stock

0.86	HMR	Heidmar Maritime Holdings	Pair Corr
0.76	HTCO	Caravelle International Symbol Change	Pair Corr
0.73	UFG	Uni Fuels Holdings	Pair Corr
0.56	NCT	Intercont Limited	Pair Corr
0.39	CISS	C3is Inc	Pair Corr

Related Correlations Analysis

	MATX	HSHP	CLCO	CMRE	LSTR	ALEX	KNX
MATX		0.42	0.51	0.28	0.66	0.59	0.64	MATX
HSHP	0.42		0.82	0.53	0.29	0.8	0.68	HSHP
CLCO	0.51	0.82		0.45	0.45	0.86	0.65	CLCO
CMRE	0.28	0.53	0.45		0.11	0.31	0.16	CMRE
LSTR	0.66	0.29	0.45	0.11		0.51	0.76	LSTR
ALEX	0.59	0.8	0.86	0.31	0.51		0.77	ALEX
KNX	0.64	0.68	0.65	0.16	0.76	0.77		KNX
	MATX	HSHP	CLCO	CMRE	LSTR	ALEX	KNX

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Risk-Adjusted Indicators

There is a big difference between Kirby Stock performing well and Kirby Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Kirby's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
MATX	2.11	(0.35)	0.01	0.10	3.15	(2.32)	4.15	(3.07)	24.88
HSHP	1.78	0.60	0.24	1.01	1.64	(2.13)	4.94	(3.29)	14.04
CLCO	1.90	0.25	0.03	1.39	2.21	(1.90)	3.72	(4.20)	11.26
CMRE	2.08	0.12	0.01	0.41	4.56	(2.15)	4.66	(2.98)	28.15
LSTR	1.29	(0.25)	(0.11)	0.05	1.48	(1.40)	2.88	(2.69)	8.87
ALEX	0.74	0.00	(0.08)	0.23	0.92	(0.80)	1.51	(2.00)	5.82
KNX	1.60	(0.19)	0.02	0.14	1.51	(1.93)	3.89	(2.95)	13.69

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